5 steps to a healthier super
Making a few small changes now can make a big difference to your super in the future. These simple steps can help you get on the right track to achieving your retirement goals.
1. Add extra money
There are various ways you can add to your super and thanks to the effects of compound interest, even a little bit extra now can make a huge difference to your super when you retire.
- Make a voluntary contribution (no matter how big or small) from your after tax income
- Consider making salary sacrifice contributions (and potentially enjoy some tax benefits too)
- Even if you can’t afford to contribute any extra, you may be eligible for the Australian Government’s super co-contribution
2. Save on fees - consolidate your accounts
If you have super in other funds you might be paying multiple lots of fees and insurance premiums. This can eat into your retirement savings and be time-consuming to manage. Combining your super into one account is easy:
- Use our online transfer tool to roll in super from multiple funds – you won’t need to print, sign or post anything
- If you prefer you can complete and return a paper copy of our Transfer to LGIAsuper form (M03) - you’ll need to complete a separate form for each fund you wish to transfer from
If you’re not sure where all of your super is, it’s easy to find any lost super.
3. Review your investments
The way you invest your super can make a big difference to how much you have when you retire. So it pays to learn the basics of investing and what you should consider when deciding how to invest your super. LGIAsuper offers a wide range of investment options so you can choose an option (or combination of options) that best suits your needs.
4. Review your insurance
LGIAsuper’s insurance cover can help protect you and your family financially if you something happens to you and you can no longer work.
Most LGIAsuper members (excluding spouses) automatically receive a minimum level of cover. However, you should review this cover as you can tailor it to better suit your needs.
5. Nominate a beneficiary
Have you thought about what might happen to your super benefit when you die? If you have money in your super account or insurance you should nominate a beneficiary so your money goes exactly where you want it to when you die. This can help protect the people that matter most to you.